The Chinese giant of the internet and internet search after its introduction to the New York bouse will be introduced today 23 March 2021 to the Hong Kong stock exchange.
A not so good year
Despite the difficulty this year due to the COVID-19 pandemic that hit the world especially China, the search giant hopes to sell 95 million shares in its IPO today.
This figure is not random. Indeed, the company hopes to sell its shares for exactly 3.6 billion dollars. It intends to invest this amount in the development of artificial intelligence.
Baidu is 20 years old and has become the main search engine in China. Its main activity is subject to increasing competition from Tencent and ByteDance. The firm has therefore adopted a policy of diversifying its revenues.
With artificial intelligence being one of the company’s most successful side businesses, it helped the company make a 52% profit last year.
The philosophy behind the name
Founded by Li Yanhong (李彦宏) and Eric Xu (徐勇) in January 2000 in Beijing’s Zhōngguān Cūn (中关村) district, Baidu quickly became Number 1 thanks to its Mandarin search technology. Facing Google, its slogan is « Baidu knows Chinese better. »
The name « Baidu » comes from a sentence in a Chinese poem entitled A Green Jade Table at the Lantern Festival, written over 800 years ago (Song Dynasty) by Xin Qiji:
« Having searched for it hundreds and thousands of times among the crowd, suddenly returning by chance to my steps, I find it there, in the darkest of the candlelight ».
« Baidu » means « hundreds of times » in Chinese, referring to the « continuous search for the ideal » described by the poem.